“The [chances of the race taking place] are looking quite good, because we took the car down this year, we did a demo in India," said Gill to Motorsport.com.

"We had a selective showing to the various people, to the various ministries to understand what it is all about.

“Four days after we finished, we got a letter of intent from the Government of Delhi, for the race, we started to talk to them," he added.

The Indian revealed multiple options are being discussed. "There are a couple of more options available which we are looking at," he said.

“The large part depends on where we have the race in India, depends on the time of the calendar because India has various seasons in different parts of the country so in winter Delhi is not the best, [further] south might be better,” he added.

“So, it is not the question of when, it is the question of where is the race going to happen. If we push I think season three is possible, but for season four is for sure.”

Should the race go ahead for season three, the likely slot available according to Gill is either November of this year or March in 2017.

“There are couple of options where we can do infrastructure pretty quickly, so the earliest option is for November this year," said Gill.

"Because after the first race, there’s a month on the calendar, it could be an option otherwise, it may happen in March of next year."